“Time is running out, there’s not many left, we’re almost sold out, for a limited time, you better hurry…” Do any of these phrases sound familiar? Well, if you’ve ever watched an infomercial , the QVC channel, or know of direct response marketing, you’ll be familiar with all or some of these phrases. These are key phrases to prompt a prospect to buy your product or service now and not wait.
In marketing terms this strategy is called “Scarcity,” and it’s used a lot! In fact, I want to recommend a book to you. If you don’t have this, stop now and go here and pick up a copy- Robert Cialdini’s Influence, Science and Practice, 5th, edition. This is a terrific book on the psychology of selling and he gives you several principles to use in your marketing and selling to help increase your close rate. One of the strategies he talks about is scarcity. (He also talks about reciprocity, social proof and authority, among other things.)
Scarcity is when you take away your prospect’s chance to get your product or service and it’s VERY effective. The simple example of how it’s used – you sell your product, service and get them all lathered up to buy where they just have to have it. Then you let them know that there’s not really many left, or they’ll have to wait several weeks if they don’t buy now, or many other techniques to simply “take away” the benefits of having this product they so badly desire.
Being on the cusp of the 4th of July holiday, if you’re using “Independence Day” as an opportunity to promote your product or service, this is a terrific way to add some scarcity to your promotion.
Here are 7 ways you can use scarcity in your business right now. Tell your prospect that….
- There are only 15 seats left for the event.
- These free bonuses are available ONLY for a limited time.
- You produced a really small quantity and will run out so they better get them now or they’ll have to wait.
- This product is only available for a limited time (This is THE main strategy Jeff Walker uses for his Product Launch Formula product. In fact his new 3.0 version of it has only been on the market for 2 days and tonight at midnight, he’s shutting down the cart and you won’t be able to get it.) This tactic REALLY works.AND don’t forget, if you want this product, you better get it now, before he takes it down. Also, if you use my link http://www.productlaunchformula.com/sneak/?18017 I’ll give you my new Create Amazing Survey product for FREE. (That’s a $300 value!). It’s a done-for-you survey product I’m calling Create Amazing Surveys, The Done For You Survey System: “Decode your customers’ deepest thoughts for maximum profit and perfect products”. Surveys are like x-ray vision into your clients and prospects brains so you know exactly what they’re thinking, what they want and you can create it for them. It will be a physical product that I will ship out to you. I’ll have a big swipe file of proven surveys, email follow-ups, free gift ideas and a bunch more stuff too…My launch for this product won’t be until late August or possibly September.
- You only printed 100 copies, so if they want it they better act now.
- You only have room in the course for 200 people and you can’t add any more because you don’t want to compromise your customer service and want to ensure everyone is well taken care of.
- This product is only available at this discounted price for a limited time.
- Bonus – In a nutshell – use these tactics – put a date/time limit on your offer, put a number limit on the amount of sales, put a limit on your bonuses offered, or a limit on your discounted price.
The real key to scarcity is that it’s a real emotional hot button for people because opportunities seem more valuable when they are less available or scarce. Psychology theory proves that people are more motivated by the thought of losing something than gaining something. A good example – if you have kids, think about the holiday time and when you want to get your kids some toys. The toy market uses scarcity big time to create buying frenzies and sold out items. There was more than one occasion that we had to get another toy because the one my son wanted was totally sold out.
So the moral of the story- see how you can incorporate scarcity into your business and use it in a way that makes sense and works for you and your business!